Tag: section 54f

Exemption u/s 54F allowed holding that assessee was owner of only one house at the time of transfer and became owner of second house property only after mutation In a recent judgment, ITAT Delhi has allowed capital gain exemption u/s  54F holding that assessee was owner of only …

Exemption u/s 54F allowed by ITAT holding that investment in purchase of plot in the name of the spouse and their respective shares is immaterial In a recent judgment, ITAT Chennai has allowed exemption u/s 54F observing that entire investment in purchase of plot is in the name …

Payment made by family member for purchase of new property not a bar to assessee in claiming exemption u/s 54F. No one to one co-relation is essential and investment in the name of assessee made within stipulated time is entitled to exemption – ITAT ABCAUS Case Law Citation:ABCAUS …

Capital Gain Exemption u/s 54 and 54F for investment in residential house limited to Rs. 10 crores Section 54 and section 54F of the Income-tax, 1961 allows deduction on the Capital gains arising from the transfer of long-term capital asset if an assessee, within a period of one …

For exemption u/s 54F usage of property i.e. residential or commercial has to be considered in deciding if assessee owns more than one residential property ABCAUS Case Law CitationABCAUS 3479 (2021) (04) HC Important case law relied referred:Malabar Industrial Co. Ltd. vs. Commissioner of income tax (2000) 109 …

Renovation of residential house allowable exemption u/s 54F as it amounts to construction of a residential house. ABCAUS Case Law CitationABCAUS 3393 (2020) (09) ITAT Important case law relied upon by the parties:CIT Vs.  Godavari Devi Saraf (1978) 113 ITR 589 (Bom) In the instant case, the assessee …

Exemption u/s 54F for investment in name of wife allowed when non-jurisdictional High Courts had different opinions and no  decision was from jurisdictional HC ABACUS Case Law CitationABCAUS 3357 (2020) (08) ITAT Important case law relied upon by the parties:CIT vs. Podar Cement (P.) Ltd. 226 ITR 625(SC)Mysore …

No bar in claiming deduction u/s 54F in reopening proceedings u/s 147. ITAT direct Assessing Officer to decide exemption afresh   ABCAUS Case Law Citation:ABCAUS 3324 (2020) (06) ITAT In the instant case, the appeal of the assessee was directed against the ex parte order passed by the …

Exemption u/s 54F allowed as vendor insisted for execution of two  sale deeds to avoid TDS as agreement for purchase of property was not disputed  ABCAUS Case Law Citation:ABCAUS 3319 (2020) (06) ITAT In the instant case, the appeal was filed by the assessee against the  order passed …

Benefit of exemption u/s 54F before its amendment can be extended to a residential house purchased outside India. ITAT allowed claim ABCAUS Case Law Citation:ABCAUS 3195 (2019) (12) ITAT Important case law relied upon by the parties:Anurag Pandit The instant appeal was filed by the assessee against the …